Wish to become rich? Try these financial tenets (1 of 4)

Becoming rich is, undoubtedly, a universal wish. If you too fall in the millionaire-aspirants category, presented below are some important financial tenets that will surely help you achieve your dream.

1. If your friends determine your worth by what phone you own, it’s time to get better friends, not better phones.Smartphones have many features. But they also cost much more than a basic phone. It wouldn’t be “financially” wise to buy a smartphone, if you don’t need to run advanced applications. When a simple phone serves your purpose, why waste money on the ‘needless’ features.

(By the way, I have observed that, forget about using them, many people aren’t even aware of the various features in their phone.)Instead, save this money and invest it wisely. Many, however, won’t think so. They are of the opinion that their prestige comes from the type of phone they own…and hence needless outflow of money.

This is just one example of money pointlessly draining out from your pockets. What about the costly branded products with little or no additional utility excepting the “tag”; the luxury cars or gadgets to flaunt; or the frequent dinners at expensive restaurants?

Of course, this doesn’t mean that you should stop spending. Spending, by itself, is not the issue.

The issue is how you spend your money — thoughtlessly or rationally; intelligently or foolishly; regularly or sparingly. Choice is yours!